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RoyalM Daily Technical Analysis | 19 October 2017

2017-10-19 11:13 am | Resource: Technical Analysis Section | No Views : 318

Royal Mail shares are trading in a bullish direction over the 240-minute interval as a result of the breach of the bearish trend line with a price gap higher.

RoyalM Daily Technical Analysis | 19 October 2017

From the previous chart, we see that the stock succeeded in penetrating the previous 0.23 Fibonacci retracement level and approaching the level of 394.39 Euro failed to breach 3 times and started to trade sideways below this level.
The MACD indicates a decrease in buyers' resolve since, the histogram columns formed a lower peak than others, which indicates weak buyers
It is expected that, if Royal Mail failed to breach the level of 394.39 Euro may target levels of 384.66 on the other side, if the breach of the level of 394.39 may target 402.49
Support: 384 - 380 - 370
Resistance: 394.39- 402.49- 411.60
Trend: Up

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